上市平台成“接盘侠”？经发物业6300万收购关联方低效资产引争议

Core Viewpoint - The company, Jingfa Property, is acquiring underperforming commercial assets from its affiliate, Jingfa Real Estate, for 63.0075 million yuan, which exceeds its projected net profit for 2024, raising concerns about the valuation and future profitability of the assets involved [3][11]. Group 1: Transaction Details - The total transaction amount is 63.0075 million yuan (approximately 69.3106 million HKD), which includes the acquisition of 14 commercial property units and 224 underground parking spaces [4]. - The first part of the transaction involves an asset acquisition for 55.2475 million yuan, covering a total building area of 3,267.13 square meters for commercial units and 8,743.12 square meters for parking spaces [4]. - The payment for the asset acquisition is structured in two phases, with the first payment of 11.0495 million yuan due within five days after inspection and the remaining 44.198 million yuan due within 15 days after the agreement takes effect [4]. Group 2: Financial Performance and Projections - In 2024, Jingfa Property is projected to achieve operating revenue of 952 million yuan and a net profit of 61.092 million yuan, while the transaction amount represents 17.5% of the company's cash reserves [5]. - The rental income from the target assets has significantly declined, from approximately 2.0081 million yuan in 2023 to 745,000 yuan in 2024, marking a drop of over 62% [7]. - The occupancy rates for the commercial units are projected to be only 8.7% and 14.3% for 2024 and 2025, respectively, compared to the average market occupancy rate of 70%-85% in Xi'an [7]. Group 3: Market Context and Concerns - The assets have not been successfully marketed for six years, indicating potential challenges in their operational viability [8]. - Jingfa Property claims that the acquisition aims to diversify income and stabilize rental revenue, but the historical performance of the assets raises questions about their future profitability [6][7]. - The transaction is characterized as a related-party transaction, with Jingfa Property purchasing assets from its parent company's subsidiary, which has led to increased scrutiny regarding the transaction's justification and potential risks [9][11].